Honda India Power Products (HONDAPOWER) had a P/E of 30.8× on 6 Nov 2026, below the industry P/E of 33.8×, and the shares are 25% below their 52-week high. Sales and net profit fell 11% and 8.9% a year over 3 years; its ROCE of 11% is the second-lowest among the 7 largest Specialty Industrial Machinery peers. It carries very little debt, and its dividend yield is 1.4%. It is a small-cap company with a market cap of ₹2,029 Cr, ranked 54th of 138 Specialty Industrial Machinery companies by market cap; the shares fell 24% over the past year.
- ₹2,000.00
- ₹2,025.00
- ₹1,932.10
- ₹1,962.80
- 11.9K
Health check
- ReturnsBehind
−24.3% over a year, better than 1 of 7 peers.
- Price tagIn line
P/E 30.8 vs industry 33.8.
- GrowthShrinking
Sales −11.2%, profit −8.9% a year over 3 years.
- ProfitabilityWeak
ROCE 10.7% vs peer median 24.8%.
- Balance sheetStretched
Practically debt-free, Piotroski 3 of 9.
- Red flags1 to check
Return on equity is low at 7.7%.
Small cap
Defensive
Key metrics
- Market cap
- ₹2,029 Cr
- Small cap
- P/E
- 30.8
- Industry 33.8
- Price to book
- 2.53
- Peers 9.16
- Dividend yield
- 1.35%
- ROE
- 7.7%
- Peers 19.1%
- ROCE
- 10.7%
- Peers 24.8%
- Debt to equity
- 0.00
- Debt ₹0.99 Cr
- EPS (TTM)
- ₹64.92
- Face value ₹10
- OPM (TTM)
- 9.7%
- Net margin 7.3%
- Sales growth
- +22.2%
- Latest quarter vs a year ago
- Profit growth
- +17.1%
- Latest quarter vs a year ago
- Price to sales
- 2.25
- EV/EBITDA 22.4
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly sales up 22.2% on a year ago.
Risks to check
- Return on equity is low at 7.7%.
About Honda India Power Products
Honda India Power Products Limited engages in the manufacture, marketing, and sale of portable generators, water pumps, general purpose engines, lawn mowers, brush cutters, hand tools, portable gensets, tillers, and marine engines in India and internationally. It also markets fishery products comprising long tail outboard motors. In addition, it provides agriculture products, including reapers, HTP sprayers, backpack sprayer, and crop harvester; and…
- Headquarters
- Gautam Buddha Nagar
- Employees
- 711
- Sector
- Industrials
- ISIN
- INE634A01018
- Website
- hondaindiapower.com
Price range
- Avg volume (3M)
- 3.3K
- 1-year return
- minus 24.3%
- From 52-week high
- minus 24.7%
Peers · Specialty Industrial Machinery
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHELBharat Heavy Electricals | 418.80 | plus 0.17% | 1,45,829 | 50.6 | 74.6 | 6.6% | 10.1% | 0.22 | 13.5% | plus 56.4% |
| ABBABB India | 6,774.00 | plus 2.20% | 1,43,547 | 92.3 | 68.2 | 28.5% | 13.8% | 0.02 | 15.4% | plus 26.4% |
| SIEMENSSiemens | 3,560.00 | plus 3.73% | 1,26,779 | 86.1 | 59.3 | 16.5% | 10.4% | 0.02 | 3.0% | plus 10.0% |
| CUMMINSINDCummins India | 4,048.80 | minus 0.25% | 1,12,233 | 49.8 | 41.7 | 35.0% | 19.1% | 0.00 | 16.1% | minus 6.0% |
| GVT&DGE Vernova T&D India | 4,018.00 | minus 3.06% | 1,02,879 | 71.3 | 56.6 | 58.5% | 26.5% | 0.01 | 31.1% | plus 31.7% |
| SUZLONSuzlon Energy | 38.80 | plus 0.54% | 53,337 | 23.7 | 17.3 | 24.8% | 16.7% | 0.07 | 41.4% | minus 35.7% |
| AIAENGAIA Engineering | 3,113.60 | minus 2.77% | 29,056 | 23.5 | 19.6 | 19.9% | 27.4% | 0.00 | −3.4% | minus 3.9% |
| HONDAPOWERHonda India Power Products | 2,000.20 | plus 1.91% | 2,029 | 30.8 | 19.5 | 10.7% | 9.7% | 0.00 | −11.2% | minus 24.3% |
| Median of 7 peers | – | 0.17% | 1,12,233 | 50.6 | 56.6 | 24.8% | 16.7% | 0.02 | 15.4% | 10.0% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 155 | 176 | 270 | 265 | 189 | |
| 146 | 164 | 238 | 235 | 175 | |
| 8.4 | 11.3 | 32 | 30 | 14.4 | |
| 5.4% | 6.5% | 11.8% | 11.3% | 7.6% | |
| 9.9 | 9.5 | 8.4 | 9.6 | 7.4 | |
| 0 | 0 | 0 | 0.1 | 0.1 | |
| 5.5 | 5.7 | 5.8 | 6.2 | 6.7 | |
| – | – | −11.8 | 1.9 | – | |
| 12.8 | 15.1 | 22.7 | 35.1 | 15.1 | |
| 25.9% | 25.9% | 26.7% | 23.3% | 26.5% | |
| 9.5 | 11.2 | 16.7 | 26.9 | 11.1 | |
| 9.35 | 11.01 | 16.43 | 26.54 | 10.94 |
Profit & loss
- Sales CAGR 3Y
- −11.2%
- Profit CAGR 3Y
- −8.9%
- EPS CAGR 3Y
- −8.9%
- ROE
- 7.7%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,228 | 978 | 789 | 859 | |
| – | minus 20.4% | minus 19.3% | +8.9% | |
| 1,093 | 878 | 700 | 776 | |
| 135 | 100 | 88.4 | 82.8 | |
| 11.0% | 10.2% | 11.2% | 9.6% | |
| 18.1 | 40 | 40.8 | 36.3 | |
| 0.6 | 0.4 | 0.5 | 0.2 | |
| 20.8 | 20.2 | 21.8 | 23.2 | |
| −16.6 | 4.3 | 0.7 | −10 | |
| 115 | 124 | 108 | 85.7 | |
| 26.3% | 25.5% | 25.8% | 25.0% | |
| 85.1 | 92.2 | 79.9 | 64.2 | |
| – | +8.4% | minus 13.3% | minus 19.6% | |
| 83.89 | 90.91 | 78.81 | 63.33 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 10.1 | 10.1 | 10.1 | 10.1 | |
| 727 | 802 | 853 | 793 | |
| 0.8 | 0.5 | 0.1 | 1 | |
| 193 | 179 | 184 | 227 | |
| 930 | 992 | 1,048 | 1,032 | |
| 98.9 | 107 | 124 | 177 | |
| 9.5 | 11.2 | 18.8 | 48.2 | |
| 12.2 | 36.1 | 23.6 | 0.1 | |
| 467 | 539 | 540 | 414 | |
| 343 | 299 | 341 | 392 | |
| 930 | 992 | 1,048 | 1,032 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 157 | 106 | 22.1 | −10.7 | |
| −150 | −98.7 | −69.8 | 172 | |
| −16.2 | −17.5 | −28.5 | −126 | |
| −8.7 | −10.6 | −76.2 | 35.4 | |
| −29.6 | −23.2 | −41.4 | −52.4 | |
| 128 | 82.5 | −19.3 | −63 | |
| −15.2 | −16.7 | −27.8 | −126 |
Shareholding pattern
- Promoters66.67%
- Public33.33%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 66.67% | 33.33% | 0.00 | |
| 30 Jun 2026 | 66.67% | 33.33% | 0.00 | |
| 31 Mar 2026 | 66.67% | 33.33% | 0.00 | |
| 31 Dec 2025 | 66.67% | 33.33% | 0.00 | |
| 30 Sep 2025 | 66.67% | 33.33% | – |
Major shareholders
Filings & events
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